A Transaction Involves the Application of Technology to Monitor and Control

question 97

True/False

A transaction involves the application of technology to monitor and control physical processes.

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Definitions:

Revised Article 3

Amendments and updates to Article 3 of the Uniform Commercial Code (UCC), which primarily deals with negotiable instruments like checks.

Accommodation Maker

An individual or entity that signs a negotiable instrument on behalf of another party, without receiving any benefit, to ensure that the instrument is accepted or paid.

Promissory Note

A financial document in which one party promises to pay another party a specific sum of money at a specified time or on demand.

Discharged

In a legal or financial context, it refers to being freed from a debt, obligation, or liability.